Cost Saving Initiatives

9 Months Ended

Sep. 30, 2014

Restructuring and Related Activities [Abstract]

Cost Saving Initiatives

14. COST SAVING INITIATIVES

In October 2012, the Company announced cost saving initiatives (the “Cost Saving Initiatives”) relating to the Company’s operations. These initiatives include streamlining our corporate structure and consolidating support functions; realigning our investments into areas with potential for the greatest long-term return; the settlement of certain contractual obligations; reducing occupancy costs; and creating greater flexibility to retain and attract the best people and invest in new growth areas.

Expenses associated with the implementation of the Cost Saving Initiatives were completed during the second quarter of 2013. The Company incurred these expenses, by segment, as reflected in the tables below:

	Financial Advisory		Asset Management			Corporate		Total
Nine Month Period Ended September 30, 2013:
Compensation and benefits	$	45,746	$	236		$	5,417	$	51,399
Other		2,033		(1	)		11,272		13,304
Total	$	47,779	$	235		$	16,689	$	64,703
	Financial Advisory		Asset Management			Corporate		Total
Cumulative October 2012 Through September 30, 2013:
Compensation and benefits	$	121,879	$	12,292		$	17,215	$	151,386
Other		3,432		732			11,729		15,893
Total	$	125,311	$	13,024		$	28,944	$	167,279

Activity related to the obligations pursuant to the Cost Saving Initiatives during the nine month period ended September 30, 2014 was as follows:

	Accrued Compensation and Benefits			Other Liabilities			Total
Balance, January 1, 2014	$	11,860		$	5,356		$	17,216
Less:
Settlements		(9,815	)		(150	)		(9,965	)
Balance, September 30, 2014	$	2,045		$	5,206		$	7,251